By Mercy Aikoye
The Speaker of the House of Representatives, Abbas Tajudeen, has declared that the House stands solidly behind President Bola Tinubu’s borrowing plans. He emphasized that strategic and responsible borrowing is essential for financing critical infrastructure and stimulating economic growth.
Abbas clarified that recent reports on his position regarding government borrowing were misrepresented. “Recently, a speech delivered by the House leader at the West Africa Parliamentary Conference was horrendously and mischievously reported out of context,” he said. The Speaker assured that all borrowings under President Tinubu’s administration are designed to be transparent, sustainable, and in line with Nigeria’s medium-term debt strategy and global best practices.
Abbas stressed that Nigeria must sometimes leverage credit to finance critical infrastructure, stimulate growth, and protect vulnerable populations. “Like every modern economy, Nigeria most sometimes liberates credit to finance critical infrastructure,” he said. He emphasized the need for strengthened parliamentary fiscal oversight to safeguard public resources.
The Speaker disclosed that Nigeria loses an estimated $18 billion every year to financial crimes, representing roughly 3.8% of the country’s GDP. He warned that the continent collectively loses over $587 billion annually due to corruption, illicit financial flows, and inefficiencies.
Abbas highlighted Africa’s development challenges, including poverty, unemployment, and underemployment. “An estimated 464 million Africans live in extreme poverty as of 2024,” he said. He emphasized the need for strategic borrowing to address these challenges.
The Speaker assured that the House stands firmly behind the President’s vision of using judicious borrowing as a catalyst for growth and poverty reduction, while simultaneously strengthening oversight mechanisms. He commended Nigeria’s recent macroeconomic reforms, which have led to economic growth reaching 3.4% in 2024.
In conclusion, Abbas emphasized the importance of responsible borrowing and strengthened oversight mechanisms.
“Our mandate is to provide legislatures with credible, non-partisan, evidence-based analysis to enable informed fiscal decisions,” said Professor Dumisani Jantjies, Chairperson of the African Network of Parliamentary Budget Offices.
